JAGGAER tightens P2P vendor-payment fraud offering
Autonomous commerce specialist JAGGAER is now offering customers a solution that helps protect against vendor payment fraud.
The partnership – with vendor fraud prevention platform, Trustpair – is designed to give procurement and financial teams peace of mind throughout the procure-to-pay (P2P) process.
P2P is the process of integrating purchasing and accounts payable systems to create greater efficiencies, and involves selecting goods and services, enforcing compliance, the receiving and reconciliation of orders, as well as invoicing and payments. P2P is a massive area for procurement.
Organisations are vulnerable when new-supplier bank accounts are added, or modifications are made to existing accounts, with fraudsters becoming more sophisticated in exploiting such changes.
JAGGAER in move to secure account validation
Trustpair extends JAGGAER’s autonomous commerce AI-based offerings, which already protect against threats in many areas of supplier and supply chain risk. The company says that the partnership now means account validation is now automated at every point – from supplier onboarding through to payment,
Trustpair’s technology monitors millions of data points from internal and external data sources to verify account information internationally, and provides JAGGAER customers with dashboards, secure workflows, and real-time warnings to streamline risk identification and management.
A recent Trustpair survey suggests 56% of US companies in 2022 were victims of vendor fraud, and that most companies that were a victim of fraud attempts were targeted more than once. A startling 12% of US companies were targeted 10 times or more, Trustpair claims.
“The integration with Trustpair enables our customers to add an additional layer of protection against a risk that has been on the rise around the world,” says JAGGAER Chief Product Officer Dawn Andre. “By automating fraud detection with Trustpair, CFOs at our customer organisations can sleep easier. They can be confident they’re paying their suppliers on time without the risk of being the victims of payment fraud.
